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Texas Teacher-Retirement System Considers 'Dead Peasant' Insurance Policies.
Knight Ridder/Tribune Business News, December, 2003
Houston Chronicle Knight Ridder/Tribune Business News
Dec. 11--When a Dallas-area legislator wanted to give Texas the ability to secretly insure the lives of retired state employees and name itself as the beneficiary of those policies, few could understand why.
So-called "dead peasant" policies had been pilloried in the national media. Federal courts have issued legal reprimands, and Texas law permits the practice only if companies got their workers' permission.
But an explanation may lie in recent efforts by former U.S. Sen. Phil Gramm to sell state leaders on a complex insurance deal that takes advantage of two different life expectancy estimates as a way to fix Texas' failing retirement system.
The "insurance arbitrage"...
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